US College AP Economics Micro Test 7

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20 questions · All questions on one page

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College Entrance — Test 7 (Ap Economics Micro) High School (Grades 11-12, College Entrance, USA) USA College Board (SAT/ACT/AP) — USA

What is this test? for College Entrance prep (SAT/ACT/PSAT/AP), USA — high school to college transition — High School (Grades 11-12, College Entrance, USA) level, USA.
Is this for you? For High School students (grades 11-12) preparing for SAT, ACT, PSAT or AP in the USA
Section: College Entrance — Test 7 (Ap Economics Micro) · Education: High School (College Prep) · Part: College Entrance — Test 7 (Ap Economics Micro) · Country: USA

Economics is a fundamental social science examining the relationship between unlimited wants and scarce resources.

This test will help you assess your knowledge of micro- and macro-economics.

By solving this test of 20 questions, you can both test your knowledge and identify the topics you need to improve.

Question 1

What is interest?

A) Borrowing cost

B) Free money

C) Savings gift

D) Tax refund

Question 2

What shifts supply?

A) Tastes

B) Costs technology

C) Income

D) No factors

Question 3

What is a stock?

A) Bond

B) Loan

C) Company share

D) Bill

Question 4

What is a monopoly?

A) Many sellers

B) No sellers

C) Buyer group

D) Single seller

Question 5

What is a tariff?

A) Import tax

B) Export gift

C) Income tax

D) No tax

Question 6

Provide the definition of competition:

A) One seller

B) Rival sellers

C) No sellers

D) Government only

Question 7

Provide the definition of opportunity cost:

A) Money spent

B) No cost

C) Next-best given up

D) Total cost

Question 8

Which term means "Single seller"?

A) scarcity

B) opportunity cost

C) equilibrium

D) a monopoly

Question 9

Which term means "Govt borrowing raises rates"?

A) crowding out

B) scarcity

C) opportunity cost

D) equilibrium

Question 10

Which term means "Tax-spend management"?

A) scarcity

B) fiscal policy

C) opportunity cost

D) equilibrium

Question 11

Provide the definition of money supply:

A) Gold only

B) Stocks

C) Cash plus deposits

D) Bonds

Question 12

Which term means "Jobless seeking"?

A) scarcity

B) opportunity cost

C) equilibrium

D) unemployment

Question 13

Which term means "Imports over exports"?

A) a trade deficit

B) scarcity

C) opportunity cost

D) equilibrium

Question 14

Provide the definition of profit:

A) Loss

B) Gain over cost

C) Break even

D) No sales

Question 15

Provide the definition of a surplus:

A) Deficit

B) Debt

C) Revenue over spending

D) No money

Question 16

Which term means "Many sellers same good"?

A) scarcity

B) opportunity cost

C) equilibrium

D) perfect competition

Question 17

Which term means "Spending over revenue"?

A) a budget deficit

B) scarcity

C) opportunity cost

D) equilibrium

Question 18

Provide the definition of a bond:

A) Share

B) Lent money paper

C) Bill

D) Coin

Question 19

Which term means "Supply meets demand"?

A) scarcity

B) opportunity cost

C) equilibrium

D) GDP

Question 20

Which of the following best defines FDIC?

A) Farm agency

B) Dam builder

C) Art fund

D) Deposit insurance

US College AP Economics Micro Test 7

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